What do the FEMA Export and Import Regulations, 2026 say as currently amended?
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Short answer
As of 28 October 2026, the FEMA (Export and Import of Goods and Services) Regulations, 2026 have been amended once, on 22 September 2026.12 Both took effect on 1 October 2026.12 The text has 20 regulations and an Annex with the Export Declaration Form.1 Key regulations for service exporters are 3, 4, 5, 6, 7, 13, 19 and 20.1
| Applies to | Governed by | Deadline | Penalty | Last verified |
|---|---|---|---|---|
| Exporters and importers of goods and services, including service exporters | FEMA 23(R)/2026-RB, as amended by FEMA 23(R)/(1)/2026-RB12 | In force from 1 October 202612 | Not covered on this page | 28 October 2026 |
| Authorised Dealer banks | A.P. (DIR Series) Circular No. 20, 16 January 20263 | In force from 1 October 20263 | Not applicable | 28 October 2026 |
This page is a reader's map of the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 (the 2026 Regulations) in their current form. It is meant for checking what a specific regulation says and whether you are reading the latest version.1 For the before-and-after comparison with the 2015 rules, see what changed in 2026.
What are the FEMA Export and Import Regulations, 2026?
The FEMA Export and Import Regulations, 2026 are RBI's rules for exports and imports of goods and services, in force from 1 October 2026, and the current version is the text published by RBI as "amended up to September 22, 2026".1
- Scope: the 2026 Regulations govern both exports and imports of goods and services.1
- Powers: RBI made the 2026 Regulations under sections 7, 8, 10(6) and 47(2) of the Foreign Exchange Management Act, 1999 (FEMA), in supersession of the 2015 export regulations.1
- Directions to banks: Circular No. 20 was issued under sections 10(4) and 11(1) of FEMA.3
In practice, the Regulations tell exporters what they must do, and the directions tell banks how to handle the transactions.
Who do the FEMA Export and Import Regulations, 2026 apply to?
The FEMA Export and Import Regulations, 2026 apply to every exporter and importer of goods and services, and the directions in Circular No. 20 apply to Authorised Dealer banks.13
| Entity type | Applicable | Why | Best for |
|---|---|---|---|
| Service exporter (freelancer, agency, IT firm) | Yes | "Services" includes software, and regulation 3 sets the EDF duty1 | Regulations 3, 4, 5, 6, 7, 13 and 19 |
| Business that also pays overseas vendors | Yes | Regulations 9, 10, 12 and 18 cover import payments, including import of services1 | Regulations 9 and 10 |
| Exporter with invoices raised before 1 October 2026 | Yes | Regulation 20 moves older RBI-approval cases to banks2 | Regulation 20 |
| Authorised Dealer bank | Yes | Circular No. 20 gives directions to banks3 | Regulations 18 and 19 and Circular No. 20 |
How do you check you are reading the current FEMA Export and Import Regulations, 2026?
You check you are reading the current FEMA Export and Import Regulations, 2026 by looking at the "amended up to" date on RBI's page and confirming two changes from the September 2026 amendment.12 RBI publishes amendments as FEMA notifications and updates the consolidated text's "amended up to" date.1
- Check the "amended up to" date on RBI's page for FEMA 23(R)/2026-RB each quarter.1
- Confirm that regulation 5 shows nine months, not fifteen, for services.12
- Confirm that the text includes regulation 20.12
- Read your bank's published export policy and SOP, which regulation 19 requires it to disclose.1
- Follow new A.P. (DIR Series) circulars; Circular No. 20 asks banks to bring its contents to their customers' notice.3 Our RBI circulars for exporters page lists them.
What does each regulation of the FEMA Export and Import Regulations, 2026 cover?
Each regulation of the 2026 Regulations covers one step of the export or import cycle, and the table summarises them with their relevance to service exporters.1
| Reg. | Title in the text | What it says, in short | Relevance to service exporters |
|---|---|---|---|
| 1 | Short title and commencement | In force from 1 October 2026 | Start date |
| 2 | Definitions | EDF, software, specified authority; "services" includes software | Decides where you file |
| 3 | Declaration of exports | Services: EDF within 30 days from end of invoice month; monthly single EDF; non-software may file by payment date; bank may extend | Core filing duty |
| 4 | Manner of Receipt and Payment | Receipts per the 2023 Manner of Receipt and Payment Regulations; bank closes EDPMS entry on credit; invoices up to ₹10 lakh closed on declaration, quarterly bulk allowed | Closure of entries |
| 5 | Time period for realisation of exports | Services: nine months from invoice date; twelve if invoiced or settled in INR; bank may extend | Payment deadline |
| 6 | Reduction in the export realization | Bank may allow reduction; on declaration up to ₹10 lakh per invoice | Short payments |
| 7 | Set off of export receivables against import payables | With same overseas party or its group companies | Clients who are also suppliers |
| 8 | Third party receipts and payments | Bank may permit if satisfied with bona fides | Payment by a parent or agent |
| 9 | Time period for making import payment | Bank monitors IDPMS and may extend | Paying foreign vendors |
| 10 | Advance payment for exports and imports | Route advance and realisation through the same bank, or inform both banks | Advances from clients |
| 11 and 12 | Import of gold and silver; import not materialised | Import-side rules | Rarely relevant |
| 13 | Unrealised exports | Unrealised beyond one year from due date: further exports only against full advance or irrevocable LC; existing caution list continues | Consequence of non-payment |
| 14 to 17 | State credits, project exports, merchanting trade, INR invoicing | Specialised cases | INR invoicing guidance under regulation 17 |
| 18 | Reporting | Bank enters service EDF in EDPMS within five working days; marks off on realisation; reports in FETERS | What the bank does |
| 19 | Internal policy and SOP | Bank policy, charges, no penalty for customer's regulatory delay, website disclosure | Your rights with the bank |
| 20 | Powers to Authorised Dealers | Bank handles pre-1 October 2026 cases that needed RBI approval | Old invoices |
| Annex | Export Declaration Form | The EDF format | The form you fill |
Deeper guides: EDF, realisation, EDPMS closure.
Which monitoring systems do the FEMA Export and Import Regulations, 2026 use?
The 2026 Regulations name two monitoring systems: the Export Data Processing and Monitoring System (EDPMS) and the Import Data Processing and Monitoring System (IDPMS).1 A footnote says both "shall also refer to any other system specified by RBI, for the purpose", so a change of system name would not need an amendment.1 Regulation 18(2) also requires banks to report all foreign trade transactions in the Foreign Exchange Transaction Electronic Reporting System (FETERS).1 See EDPMS for service exporters.
What happens if you rely on an outdated copy of the 2026 export regulations?
If you rely on an outdated copy of the 2026 export regulations, you may plan around fifteen months for realisation and miss regulation 20, because the January 2026 text was changed before it took effect.12
- Wrong deadline: the unamended text said fifteen months, or eighteen for rupee exports; the current text says nine and twelve.2
- Missing regulation 20: older copies do not show the rule that banks handle pre-1 October 2026 cases.2
- Missing caution-list proviso: older copies do not show the proviso to regulation 13.2
For example, a consultant who invoiced a US client in October 2026 and read an unamended copy might think payment can wait fifteen months, when regulation 5 now sets nine.12
Which RBI notifications make up the FEMA Export and Import Regulations, 2026?
The FEMA Export and Import Regulations, 2026 are Notification No. FEMA 23(R)/2026-RB as amended by Notification No. FEMA 23(R)/(1)/2026-RB, with directions to banks in A.P. (DIR Series) Circular No. 20.123
| Date | Instrument | Effect |
|---|---|---|
| 13 January 2026 | Notification No. FEMA 23(R)/2026-RB | Principal Regulations notified |
| 15 January 2026 | Gazette of India, Extraordinary, Part III, Section 4 | Principal Regulations published |
| 16 January 2026 | A.P. (DIR Series) Circular No. 20 and RBI press release | Directions to banks issued; both announced |
| 22 September 2026 | Notification No. FEMA 23(R)/(1)/2026-RB | Realisation periods changed; caution-list proviso added to regulation 13; regulation 20 inserted |
| 24 September 2026 | Gazette of India, Extraordinary, Part III, Section 4 | Amendment published |
| 1 October 2026 | Regulation 1(2) and the amendment | Regulations, amendment and directions in force |
Sources: the consolidated Regulations, the amendment, Circular No. 20 and the press release.1234
What did the 22 September 2026 amendment to the export regulations change?
The 22 September 2026 amendment made three changes, all effective 1 October 2026.2
- Regulation 5: "fifteen months" became "nine months" in clauses (a) and (b), and "eighteen months" became "twelve months" in the rupee proviso.2
- Regulation 13: a proviso was added keeping exporters on the RBI caution list as on 30 September 2026 under the existing orders "till such time the exporter is removed from the Caution List".2
- Regulation 20: inserted, giving Authorised Dealers the job of handling export, import and merchanting transactions undertaken before 1 October 2026 that earlier needed RBI approval under the 2015 Regulations and the Master Directions.2
What are the common mistakes with the FEMA Export and Import Regulations, 2026?
The common mistakes with the FEMA Export and Import Regulations, 2026 are reading an unamended copy and confusing the Regulations with the directions to banks.123
- Unamended copy: check that regulation 5 says nine months and that regulation 20 is present.12
- Mixing up instruments: the Regulations bind exporters; Circular No. 20 directs banks.13
- Ignoring the import side: regulations 9, 10, 12 and 18 cover import payments, including import of services.1
- Not reading the bank's SOP: regulation 19 requires banks to disclose their policy and charges on their website.1
This page summarises the text as amended up to 22 September 2026 and is not legal advice; confirm how a regulation applies to you with your bank or a chartered accountant.1
How did we verify this?
We checked this page against the sources below on 30 October 2026. Read our methodology or report an error.
- [1]RBI: Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, Notification No. FEMA 23(R)/2026-RB dated 13 January 2026, amended up to 22 September 2026
- [2]RBI: FEMA (Export and Import of Goods and Services) (Amendment) Regulations, 2026, Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026
- [3]RBI: A.P. (DIR Series) Circular No. 20 dated 16 January 2026, Export and Import of Goods and Services
- [4]RBI press release 2025-2026/1933 dated 16 January 2026 on the 2026 Regulations and Directions
Frequently asked questions
How many times have the FEMA Export and Import Regulations, 2026 been amended?+
Once, as of 28 October 2026: by Notification No. FEMA 23(R)/(1)/2026-RB dated 22 September 2026, published in the Gazette on 24 September 2026 and effective 1 October 2026.12 Check the 'amended up to' date on RBI's page for any later amendment before relying on this count.
Where is the official consolidated text of the 2026 export regulations?+
The official consolidated text is on RBI's notifications page for FEMA 23(R)/2026-RB, titled as amended up to September 22, 2026.1 Check the 'amended up to' date before relying on any copy, because copies published elsewhere may still show the unamended January 2026 text with fifteen months in regulation 5.
Do the FEMA Export and Import Regulations, 2026 cover import of services?+
Yes. Regulations 9, 10, 12 and 18 cover import payments and the Import Data Processing and Monitoring System (IDPMS), including import of services.1 A design studio that exports services and also pays for overseas software subscriptions is therefore covered on both sides by the same Regulations.
What is the difference between the 2026 Regulations and RBI Circular No. 20?+
The Regulations are made by RBI under FEMA sections 7, 8, 10(6) and 47(2) and bind exporters. Circular No. 20 of 16 January 2026 contains directions to banks under sections 10(4) and 11(1).13 The Regulations say what exporters must do, and the directions say how banks handle the transactions.
Which monitoring systems do the 2026 export regulations name?+
The 2026 Regulations name the Export Data Processing and Monitoring System (EDPMS) and the Import Data Processing and Monitoring System (IDPMS).1 A footnote says both also refer to any other system RBI specifies, so a change of system name would not need an amendment. Regulation 18(2) adds reporting in FETERS.1
Which regulation deals with export invoices raised before 1 October 2026?+
Regulation 20, inserted by the amendment of 22 September 2026, gives Authorised Dealers the job of handling export, import and merchanting transactions undertaken before 1 October 2026 that earlier needed RBI approval under the 2015 Regulations and the Master Directions.2 Ask your bank how it applies to older invoices.
This page is general information for Indian service exporters, not tax or legal advice. Rules change and outcomes depend on your facts, so confirm with a chartered accountant before acting.
Keep reading
What changed in the FEMA export regulations for service exporters in 2026?
Before-and-after list of the FEMA export rule changes that matter to Indian service exporters from 1 October 2026: EDF, SOFTEX, realisation and bank powers.
RBI and FEMAWhat is the EDF and how do service exporters file it from October 2026?
From 1 October 2026 every Indian service exporter files an Export Declaration Form (EDF). Who files, the 30-day deadline, where it goes and examples by profession.
RBI and FEMAHow long does a service exporter have to realise export proceeds?
How long Indian service exporters have to get paid by foreign clients under FEMA from 1 October 2026, how extensions work and what happens if you miss it.
RBI and FEMAWhich RBI circulars and regulations apply to service exporters in 2026?
The RBI regulations, directions and circulars that govern Indian service exporters as of October 2026, grouped by topic, with what each covers and what was superseded.
RBI and FEMAWhat FEMA rules apply to export of services from India?
The FEMA rules that govern Indian service exports from 1 October 2026: which regulations apply, how payment must arrive, EDF, realisation and bank duties.